@jay_21_ (1) Shorts must always be very small. Max 1.5-2.0% for large cap structural decliners. 20-40bps for frauds and promotes.
@jay_21_ (2) No hero shorts.
@jay_21_ (3) Wait for things to crack before putting a position on in any type of size (which for a short, is still very small). $700 to $0 and $200 to $0 are both 100% returns.
@jay_21_ (4) Must be willing to cover aggressively if going against you. After cracking, need to be willing to add on the way down (particularly for promotes or frauds).
@jay_21_ (5) Don’t short great companies and don’t short hyper growth companies. Maybe there can be some exceptions if your long book is heavily exposed to these factors (quality / growth).
@jay_21_ (6) Having to keep a fixed % of the portfolio short (potentially in order to justify fees in L/S fund) is dangerous. Leads to getting into crowded shorts or having to short indexes. Shorting seems to be best when done opportunistically.
@jay_21_ (7) Avoid high short interest names / keep them very very small / buy way OTM calls as a hedge.
@jay_21_ (8) Be very careful with equity stubs. Treat them as you would high short interest / hyper growth companies.
@jay_21_ (9) If you find yourself thinking about a short first thing in the morning / watching the ticks during the day - you are likely too big.
@jay_21_ (10) MOST IMPORTANT. At the end of the day, the only point of selling short is to enable you to safely get a little more long. Key word is safely. Short book is float. You should think of it as insurance underwriting. Portfolio management and avoiding large losses is priority #1.

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Hi @EdinburghUni @EHRC @EHRCChair @KishwerFalkner @RJHilsenrath @trussliz @GEOgovuk

The DIVERSITY INFORMATION section in yr job application mentions 'legal equality duties'. You then ask "What is your gender identity?" with options

Female
Male
Non-binary
Not-listed
Other

1/13


'Gender identity' is not a protected characteristic under the Equality Act 2010 and is not defined in the Act.

https://t.co/qisFhCiV1u

2/13


Sex is the protected characteristic and the only two possible options for sex are 'Female' and 'Male' as defined in the Act and consistent with biology - 'non-binary' and 'other' are not valid options.

https://t.co/CEJ0gkr6nF

'Gender identity' is not a synonym for sex.

3/13


You then ask "Does your gender identity match your sex registered at birth?"

4/13


Again, 'gender identity' is not a protected characteristic under the Equality Act 2010 and is not defined in the Act.

https://t.co/qisFhCiV1u

5/13

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